Virgin Money: High street bank to shut 39 branches, 255 jobs at risk of redundancies - full list
and live on Freeview channel 276
Virgin Money has revealed it will shut 39 of its branches - almost a third of its network. The announcement was made by the bank on Thursday (July 20), and the closures are set to result in 255 potential redundancies.
In a statement, the lender blamed “changing customer demand” for its decision, admitting some staff would be at risk of redundancy though it hoped to redeploy some of those affected.
Sarah Wilkinson, chief operating officer at Virgin Money, said: “The decision to close a store is never taken lightly. But as our customers continue to change the way they want to bank with us, by conducting fewer transactions in-store and adopting the convenience of digital banking, we must respond to that evolving demand.
“Our focus is on supporting our customers and colleagues. We have considered the number of vulnerable customers using each store very carefully throughout the review process as a key factor in our decision making, and will proactively provide enhanced, bespoke care to ensure any vulnerable customers affected are supported through the changes.”
Virgin Money said every affected branch which is closing down is less than half a mile from the nearest Post Office. Bank customers can access a limited banking service at Post Office branches following a deal struck in 2015 to offset the impact of branch closures.
The news comes as high street lenders announced branch closures in recent months as part of their cost-cutting measures. The industry has consistently argued that online and mobile banking services have reduced demand for branch services.
The 39 sites affected are as follows:
• London Haymarket
• St Albans
• Milton Keynes
• Fort William
• Newton Stewart
• Golders Green
• Gosforth Centre